Loan Scheme Failing First-Timers

‘The Bank of England’s Funding for Lending Scheme is failing first-time buyers and those with small deposits, according to new figures from Moneyfacts.

Borrowers with a 5% deposit pay 5.84% on average for the typical fixed-rate £150,000 mortgage, just 0.19% less than the 6.03% average on offer before the scheme began in August. In comparison, those with bigger 40% deposits are gaining savings nearly three times as much.’

Source: Daily Mail

Myfanwy Neville

Partner: Property and Construction, Sustainability and ESG

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